Sunday, 30 August 2009

If you are locked into managing your foreign exchange transactions through your bank and whether that is a matter of comfort, lethargy, lack of knowledge or a belief that high street banks offer the best exchange rates, you may want to reconsider.

Having been involved in quite a number of foreign exchanges since moving to France it has become pretty clear to me that using the high street bank for your currency deals is probably not your most favorable option.

Looking into what terms and conditions you can obtain through a reputable Forex broker may just save you a significant amount of money.

Dealing through a broker is admittedly a little more complicated than using your bank but once set up and registered it is a fairly straightforward process for making your currency exchanges and it is highly likely that you will make savings over what the banks can offer.

Take a look at foreign exchange trading for individuals to find examples of what savings can be made and the types of contracts you can use to manage your finances.

TorFX is a company that I have used extensively in the past and who have offered some very competitive deals. They are not the only company that do this but they are one I have no hesitation in recommending as a starting point for using Forex brokers.

From a practical view point it would be worthwhile registering with a few Forex dealers so that you are able to compare and contrast to establish which one will provide the best deal for you.